Shared Office Space Part 2 | A Space Holders Perspective

Question: Have you recently downsized your staff?

Question: Did you overestimate the amount of office space your company needs?

Question: Did your subtenant move out unexpectedly?

If the answer to any of these questions is yes, it is quite possible that you have been left with unused office space. Assuming your company is fortunate enough to absorb this financial burden, you might want to consider the following great ways of utilizing this open space. 

- a full court nerf basketball hoop

- an indoor current pool

- an octagon

- a paint ball course

- a puppet theater

For the rest of us, sharing our unused office space with another company can mean the difference between business as usual and defaulting on a lease.  In addition to the revenue and cost sharing benefits, the networking opportunities provided by sharing office space can also be quite valuable.

While sharing your office space with an entrepreneur or small business can certainly seem like a "no brainer", there are quite a few things space holders should consider before deciding to go this route. Some of these considerations include: 

- Does your lease strictly prohibit subleasing? If so, perhaps you can try re-negotiating with your landlord. The commercial real estate crisis has made some landlords more flexible than in the past. 

- Is the subtenant required to sign a formal sublease?

- Is the subtenant required to sign a non-disclosure agreement?

- Will the subtenant have 24/7 access to the building? To the space?

- Will the subtenant be required to submit a security deposit?

- In addition to the rent, what expenses will subtenant be responsible for sharing?

- What furniture/supplies will be provided to the subtenant?

- Will the culture of the subtenant's company mesh with yours?

- Will the subtenant have their own private office?

- Will subtenant be provided keys to the space?

- Would it make sense to install 24-hour security cameras in the space?

- Does the shared space require any type of build-out?

- Are there any events, meetings or happenings in your space that would prevent the subtenant from being able to come in the office?

Clearly sharing office space has its inherent risks and rewards. If you do not know the potential subtenant, in addition to a formal background check, you might also want to consider doing some research on venues such as facebook, twitter, linked in, etc. If the subtenant seems sketchy on these platforms, you might want to think twice before making a decision that could cost your company dearly in the long run.

If you are a space holder and have additional considerations that you would add to the list above or even have a horror story about a shared office space, openofficespace.com would love hear from you. You might just help prevent a fellow space holder from making a VERY costly mistake. 

Related Posts

Shared Office Space Part 1 | An Entrepreneurs Perspective

Entrepreneurs and Startups, How "Walkable" Is Your Office Space Location?

Small Biz/Entrepreneurs - Estimating The Right Amount of Office Space For Your Company

Looking For Office Space? Price is only one of the options you need to consider.   

 

Comments

[executive office suites]

You know what, I remember our office with so much space and I think if it is designed properly or shared properly, it will give more space for other tenants.

-jed